LOCAL ECONOMIC SNAPSHOT | OIL PRICES

Fallout from uprisings

By ELIZABETH SOUDER Protests in the Middle East and northern Africa are toppling some regimes and destabilizing
Staff Writer
esouder@dallasnews.com the oil-rich region. The unrest is disrupting production of oil, some of which makes its way to
TROY OXFORD the U.S. Oil industry traders around the world are bidding up prices, worried that the unrest
Staff Artist could spill into more countries, especially behemoth oil-producer Saudi Arabia.
toxford@dallasnews.com

Where our oil comes from

Little of the oil that supplies the U.S. has been affected by the protests. The U.S. produced 9.14 million barrels per day of oil
in 2009, and consumed 18.8 million barrels per day, making us the top oil consumer in the world.

Lebanon Syria Iraq *∆

■0 ■ 400,000 ■ 2.4 million
Tunisia ∆
■ 8,000 ■ 450,000
■ 91,000
Turkey
■ 1,000
■ 53,000
■ 3,000 Kuwait *
Iran *∆ ■ 2.5 million
Israel ■ 4.2 million ■ 182,000
Morocco ∆ ■ 4,000
■ 3,000 ■ N/A Bahrain ∆
■ 4,000
■ N/A Algeria *∆ Libya *∆ ■ 48,000
■ 2.1 million ■ 1.8 million Egypt Jordan ∆ ■ 2,000
■ 493,000 ■ 79,000 ■ 678,000 ■ 88
Qatar *
■ 10,000 ■0
Saudi Arabia * ■ 1.2 million
■ 9.8 million ■ 10,000
Mali ■ 1 million
Niger United Arab
■0 ■0 Chad Eritrea Emirates *
■ 115,000 Sudan ■0
■ 486,000 ■ 2.8 million
■ 69,000
■0 ■ 40,000
Oman ∆
Ethiopia ■ 816,000
■0 ■ 30,000
Yemen ∆
■ 287,000
■ Total 2009 production in barrels per day
Somalia ■ N/A
■ 2009 export to U.S. in barrels per day
■ 110
* Country is a member of the Organization of ■0
Petroleum Exporting Countries Djibouti ∆
∆ Country has experienced civil unrest this year ■0

SOURCES: U.S. Department of Energy; Dallas Morning News research

Traders’ actions affect your wallet Consumption habits

Even though very little of the U.S. oil supply has been threatened by the civil Texans responded to record oil prices
unrest, traders around the world have bid up the global price of oil. That leaves in 2008 by buying less gasoline. As
Americans paying more at the pump. prices receded, Texans revved up their
purchases.
Weekly oil prices since it hit Weekly average U.S. regular gasoline
all-time-high prices since it hit all-time-high Texas gasoline consumption
Dollars per barrel Dollars per gallon Millions of gallons
$150 $5 1,200

1,000
$120 $4

800
$90 $3
600
$60 $2
400

$30 $1
200

0 0 0
’08 ’09 ’10 ’11 ’08 ’09 ’10 ’11 ’07 ’08 ’09 ’10

SOURCE: Bloomberg SOURCE: Texas Comptroller of Public

Accounts

The bottom line

“It’s going to get a lot worse. They’ve “The gasoline price formula is pretty “It’s frustrating for consumers to watch
seen over there what a simple. Divide oil price per barrel by 42 faraway events affect the price of the
crowd can do.” He (gallons per barrel) fuel we need every
said if Saudi and add $1 for day. We
Arabia’s royal refining. … Those consumers
family loses power, most dependent cannot control
oil could go to on their vehicle foreign
$200 to $300 a transport political unrest,
barrel. should get but we can
educated and each control
think about how much oil
how to plan.” we buy.”

T. Boone Pickens, founder of energy Michelle Michot Foss, chief energy Elizabeth Souder, staff writer,
hedge fund BP Capital economist, Center for Energy The Dallas Morning News
Economics at the University of Texas